In the modern digital age, almost any form can be located easily with just a few clicks of a mouse. Legal forms and kits are among the forms that can now be accessed rapidly and easily on the Internet. While it may be tempting to save a few dollars by using a do-it-yourself legal form, the ultimate cost could be much greater than the dollars you initially saved. It seems as though there is a legal form required for almost anything you do. From getting married to starting a business to estate … [Read more...] about Beware of Do-It-Yourself Legal Forms
BLOG
Interaction between Education Savings (“529”) Accounts and ABLE Accounts
In previous newsletters, we have discussed both so-called “529 accounts”, which are a type of tax-efficient education savings accounts and ABLE accounts, which are a relatively new type of account that can be established to provide additional resources for persons receiving Supplemental Security Income (SSI) benefits. While each account is for a different purpose, they do share some similar features. Due to a recent law change, it is now possible to make limited transfers from existing 529 … [Read more...] about Interaction between Education Savings (“529”) Accounts and ABLE Accounts
What You Need to Know about Medi-Cal
Like many seniors, you may find yourself faced with the need to qualify for Medicaid for the first time in your life. Having never before needed to rely on Medi-Cal (California's Medicaid program), you may know very little about the program. To get you started,we will explains what you need to know about Medicaid. Long-Term Care Costs Prompt the Need to Qualify for Medicaid. You are not alone! As of 2020, the average cost of a year in long-term care (LTC) in California is over $112,000. … [Read more...] about What You Need to Know about Medi-Cal
Planning for the SECURE Act
As we advised in last month’s newsletter, the “Secure Act” was part of a larger law that passed with (rare) bipartisan support in late-December 2019. It was effective January 1, 2020, for most purposes. This is the second in a series of articles on the Secure Act. The first article looked at the basics of the Secure Act. This article examines planning strategies for dealing with the Secure Act. As laid out in the first article in the series, the Secure Act requires more rapid distributions of … [Read more...] about Planning for the SECURE Act
Why Do I Need an Estate Plan?
If you have yet to create an estate plan, you likely have an explanation for why that is so. You may feel you don’t need one yet, either because you have yet to amass a sizeable fortune or because you have yet to settle down and start a family. The truth, however, is that every adult can benefit from estate planning. To help you better understand the importance of estate planning, a Roseville estate planning attorney at the Northern California Center for Estate Planning & Elder Law explains … [Read more...] about Why Do I Need an Estate Plan?
Should I Include Life Insurance In My Estate Plan?
Whether or not to include life insurance in an estate plan is one of the most commonly asked questions. As with all estate planning questions, the answer is unique to each individual; however, there are some things you should take into account when considering the addition of life insurance in your estate plan. Your age and health. Life insurance is less expensive to purchase when you are younger and healthy, meaning you should be able to lock in the best rates. This is also when most people … [Read more...] about Should I Include Life Insurance In My Estate Plan?
If I Move, Should I Review My Estate Plan?
The general guidance among experienced and qualified estate planning attorneys is that you should review your estate plan every few years. However, if certain events such as a move occur, you need to review your estate plan at that time. Move to a new state When you move to a new state, it is in your best interests to consult with an experienced and qualified estate planning attorney in your new locale. Laws vary from state to state so the legal documents of your estate plan should be … [Read more...] about If I Move, Should I Review My Estate Plan?
Beneficiary Designations and Other Non-Probate Transfers
Many of us are surprised that our assets may not go to those named in our Will. However, if you have assets controlled by beneficiary designations or other non-probate transfers, that’s the case. Read on to learn how a Will might not control all your assets. Read on to learn more. … [Read more...] about Beneficiary Designations and Other Non-Probate Transfers
The SECURE Act and What It Means for You
The SECURE Act passed in late December. The SECURE Act changes some lifetime rules, but the biggest change concerns rules for beneficiaries. Read on to learn more. … [Read more...] about The SECURE Act and What It Means for You
Estate Planning Conference Discusses SECURE Act and More
The Heckerling conference, the largest conference for Estate Planning in the country, occurred last week in Orlando, FL. Many of the thought leaders in Estate Planning and Elder Law got together and discussed recent developments and new strategies. The SECURE Act was the biggest topic this time. Read on to learn more. … [Read more...] about Estate Planning Conference Discusses SECURE Act and More
